USD-INR July Future
Dollar/rupee ended at over three-week low Monday on likely
overseas funds inflow into local shares tracking higher risk appetite in global
markets after robust labour market data from the world's largest economy.
Importers are expected to continue hedging their future payables
as dollar has weakened considerably against the Indian currency.
Dollar weakened on lower safe-haven bets as investors moved to
riskier assets on waning fears of slowdown in the world's largest economy after
robust non-farm payroll figures and also after Japan hinted of more stimulus.
Technical, USDINR broke the its crucial support 67.50 which coincided with 50% Fibonacci
Retracement of its previous short term rally and settled at 67.2825
levels.
On the hourly chart, pair forming like Head & shoulder
pattern which is indicating for bearishness in USDINR and breakdown of neckline
support is aiming for the target 66.85-66.70 in days to come.
Hence, sell around 67.35-67.40. Target 67.00-66.85. Stop loss
above 67.55
EUR-INR July Future
Euro traded down for the third straight day Monday as dollar
strengthened to four-month high on upbeat US non-farm payroll data that raised
expectations of a near-term Federal Reserve rate hike.
EURINR witnessed a gap down opening at 74.2525 compare to
previous close of 74.7525 and settled at 74.3925.
Near term trend is expect to remain bearish following to short
term consolidation break down on EOD chart, and any rise towards 74.80-75.00 is
expect to attract huge selling activities.
GBP-INR July Future
Pound traded down Monday on expectations that the Bank of
England will likely ease its monetary policy this week to tackle impact of
United Kingdom's exit from the European Union.
The pair
also plunged as the dollar surged to four-month high after robust non-farm
payroll data increased expectations of a near-term Federal Reserve rate hike.
After hitting a low of 86.6650 GBPINR saw pullback towards
87.5950, and settled down by 0.22%. Intraday price action resulted in formation
of hammer candle stick which is indicating for bearish trend reversal or
temporary recovery.
But pair would need to trade above 87.70 in order to test
88.00-88.50, else bearish trend expect to continue.
JPY-INR July Future
Yen snapped six-day gain on Monday as safe-haven demand for yen
plunged after upbeat non-farm payroll data from the US pushed risk appetite
higher in global stock markets. Japanese
stocks are set to post their biggest gain in near five-month Monday tracking
weak yen on higher risk and expectations of fiscal stimulus after Prime
Minister Shinzo Abe's ruling coalition put in a strong showing in Japan's upper
house election on Sunday.
Japan's Nikkei jumped 3% as investors bet the country's
government may inject $100 billion in fiscal spending to boost the economy,
possibly financed by the central bank's money-printing, a policy mix that is
often dubbed "helicopter money".
JPYINR witnessed 2.26% biggest intraday fall since 23 June 2016.
Pair failed to break above 67.20 and retraced towards 65.64 levels.
A double top pattern is found on EOD chart which is
indicating for drastic fall in days to come and break below 65.50 is expect to
show 64.60-64.20 on the downside.
Major Economic Data & Events Schedule today
|
Time
|
Currency
|
Economic Indicators
|
Forecast
|
Previous
|
Possible Impact
|
|
4:31am
|
GBP
|
BRC Retail Sales Monitor y/y
|
0.50%
|
-
|
-
|
|
5:20am
|
JPY
|
PPI y/y
|
-4.10%
|
-4.20%
|
Negative
|
|
9:15am
|
JPY
|
30-y Bond Auction
|
-
|
0.31|3.4
|
-
|
|
10:00am
|
JPY
|
Tertiary Industry Activity m/m
|
-0.70%
|
1.40%
|
Negative
|
|
11:30am
|
EUR
|
German Final CPI m/m
|
0.10%
|
0.10%
|
Neutral
|
|
EUR
|
German WPI m/m
|
0.30%
|
0.90%
|
Negative
|
|
|
12th-16th
|
CNY
|
M2 Money Supply y/y
|
11.40%
|
11.80%
|
Negative
|
|
12th-16th
|
CNY
|
New Loans
|
1000B
|
986B
|
Positive
|
|
2:00pm
|
GBP
|
FPC Meeting Minutes
|
-
|
-
|
-
|
|
Tentative
|
GBP
|
Inflation Report Hearings
|
-
|
-
|
-
|
|
3:30pm
|
USD
|
NFIB Small Business Index
|
94.10
|
93.80
|
Positive
|
|
4:30pm
|
GBP
|
BOE Quarterly Bulletin
|
-
|
-
|
-
|
|
6:45pm
|
USD
|
FOMC Member Tarullo Speaks
|
-
|
-
|
-
|
|
7:05pm
|
USD
|
FOMC Member Bullard Speaks
|
-
|
-
|
-
|
|
7:30pm
|
USD
|
JOLTS Job Openings
|
5.74M
|
5.79M
|
Negative
|
|
USD
|
Wholesale Inventories m/m
|
0.20%
|
0.60%
|
Negative
|
|
|
10:31pm
|
USD
|
10-y Bond Auction
|
-
|
1.70|2.7
|
-
|
